Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

PR Today

Home >> Press Release






MAS, R3 and Financial Institutions experimenting with Blockchain Technology

Singapore, 16 November 2016... The Monetary Authority of Singapore (MAS) today announced that it is partnering R3, a Blockchain technology company, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using  Blockchain technology. This project could potentially avail a payment system for participants to transact in different global markets round-the-clock that are today limited by time zone differences and office hours.

2 The project will develop a pilot system in which Blockchain infrastructure is used to issue and transfer funds among participants. Such a system will also be more resilient against stoppages by decentralizing and distributing the software that records and validates payments. Participants can depend on the immutable record of transactions at the heart of
the Blockchain to reduce the cost of long term record keeping.

3 In short, Blockchain technology has the potential to make financial transactions and processes more transparent, resilient and at lower cost. The outcomes from the project will provide guidance on future projects such as cross border payments, automation of securities issuance, trading and settlement using Blockchain technology. This will also help MAS and the industry to develop simpler to use and more efficient alternatives to today’s systems.

4 The consortium includes Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Ltd, Credit Suisse, DBS Bank Ltd, The Hongkong And Shanghai Banking Corporation Limited, JP Morgan, OCBC Bank, Singapore Exchange, United Overseas Bank and BCS Information Systems as a technology provider to the project.

5 Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “The simplification of processes that comes from having a single and coherent, distributed record of information makes Blockchain technology an attractive solution for the financial sector. MAS is engaging with the industry and working closely with our partners to explore innovative payment solutions.”

6 Tim Grant, CEO of R3’s Lab and Research Center, and member of the MAS International Technology Advisory Panel, comments: “We are delighted to build on our relationship with MAS and bring together a large group of financial institutions from both Singapore as well as global players from our membership. Payments and the representation of fiat currency on Blockchainsis a potentially significant use case for distributed ledger technology and we firmly believe that partnership between regulators, central banks and the financial services sector will accelerate solutions to maturity.”


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                           November  18, 2016 Subsribe Now !
• ASEAN finance ministers work to promote regional investment  Subcribe: Asean Affairs Global Magazine
• Indonesia braces for defeat in 35 GW program
• HN businesses prep for hectic Tet demand
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Experts question praise of China’s ‘drought relief’ 
• Ten companies to invest in KEK Palu
Asean Analysis                  November 8, 2016
• Asean Analysis  November 8, 2016
Tumultuous Times for Indonesia’s New Minister of Energy & Mineral Resources
Advertise Your Brand

Asean Stock Watch   November  17 , 2016
• Asean Stock Watch-November 17, 2016
The Biweekly Update
• The Biweekly Update  September 30, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2019 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com